央行连续两个月开展国债买卖操作，12月资金面均衡可期

Core Viewpoint - The People's Bank of China (PBOC) has been actively managing liquidity through various policy tools to ensure a stable financial environment as the year-end approaches, with expectations that the overall liquidity will remain balanced in December [1][5]. Group 1: Central Bank Operations - In November, the PBOC conducted a net withdrawal of 556.2 billion yuan through 7-day reverse repos, while maintaining a net injection of medium to long-term liquidity through other tools, including a net injection of 500 billion yuan via reverse repos and 100 billion yuan through Medium-term Lending Facility (MLF) [2][6]. - The PBOC's continuous operations in the bond market, with a net injection of 50 billion yuan in November, indicate a supportive monetary policy stance aimed at stabilizing economic growth [2][6]. Group 2: Market Liquidity Conditions - November saw slight fluctuations in liquidity, with the average R001 rising by 4 basis points to 1.43% and R007 remaining stable around 1.50%. The DR001 and DR007 also experienced minor increases [3][7]. - Analysts expect that while liquidity may experience increased volatility as year-end approaches, the PBOC's supportive measures will help maintain a balanced and ample liquidity environment [3][8]. Group 3: Future Outlook - The expectation for December is that liquidity will remain balanced, despite potential year-end fluctuations, as the PBOC is likely to continue its supportive stance [4][8]. - Historical trends suggest that December liquidity fluctuations are primarily driven by year-end disturbances, but the overall increase in liquidity rates is expected to be manageable [3][7].